Gemini nabs US license to offer prediction markets
Analysis
Price Impact
MedGemini's regulatory approval from the cftc to offer prediction markets in the us enhances legitimacy and expands the crypto derivatives landscape. this positive development contributes to overall market sentiment, benefiting top cryptocurrencies like btc.
Trustworthiness
HighThe news comes from cointelegraph, a reputable crypto news source, citing direct announcements from gemini regarding a significant regulatory license from the cftc.
Price Direction
BullishThe expansion of regulated crypto products and services in the us by a major exchange like gemini signals increasing institutional acceptance and utility, which is fundamentally bullish for the long-term adoption and valuation of the crypto market.
Time Effect
LongWhile gemini's shares saw an immediate positive reaction, the broader impact of new regulated market offerings on overall crypto prices, especially for assets like btc, will be a gradual process that builds market infrastructure and investor confidence over time.
Original Article:
Article Content:
Jesse Coghlan 2 minutes ago Gemini nabs US license to offer prediction markets An affiliate of the crypto exchange Gemini received a designated contract market license and it now plans to offer prediction markets in the US. Listen 0:00 News COINTELEGRAPH IN YOUR SOCIAL FEED Crypto exchange Gemini, founded by billionaire twins Tyler and Cameron Winklevoss, has scored a license from the Commodity Futures Trading Commission to offer prediction markets in the US. Gemini said on Wednesday that its affiliate, Gemini Titan, received a designated contract market license from the CFTC and “plans to enter into the prediction markets space.” The company said that “starting shortly,” its US users would be able to trade event contracts on its web platform and could expand its US derivatives offerings to include crypto futures, options, and perpetual contracts. Gemini joins a number of crypto companies that have begun to offer prediction markets, allowing users to bet on the outcomes of a range of events, including sports and geopolitics. Shares in Gemini (GEMI) shot up 13.7% in after-hours trading on Wednesday to $12.92 after ending the day’s trading session down 0.7%. Shares in Gemini jumped on the company’s announcement that it will offer prediction markets. Source: Google Finance The license could be a major boost for Gemini, whose stock is down 64.5% since its public debut on Sept. 12 as the crypto market has struggled to sustain a rally. Related: ‘Elite’ traders hunt dopamine-seeking retail on prediction markets: 10x Research “Prediction markets have the potential to be as big or bigger than traditional capital markets,” said Gemini’s president, Cameron Winklevoss. Gemini CEO Tyler Winklevoss said it first applied for the license in March 2020, and the approval “marks the culmination of a 5-year licensing process and the beginning of a new chapter for Gemini.” Magazine: Can Robinhood or Kraken’s tokenized stocks ever be truly decentralized? # Business # Gemini # Prediction Markets Add reaction